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Economics Unit 4
| Term | Definition |
|---|---|
| Creditors- | persons or institutions to whom money is owed |
| Collateral- | something of value that a borrower lets the lender claim if a loan is not repaid |
| Premiums- | monthly, quarterly, semiannual, or annual price paid for an insurance policy |
| Deductible- | an amount you pay before the insurance company pays |
| Co-pay- | a small payment |
| Federal Deposit Insurance Corporation (FDIC)- | the U.S. government institution that provides deposit insurance on the depositor’s account |
| Financial Institutions- | group that channels savings to investors; includes banks, insurance companies, savings and loan associations, credit unions |
| Interest Rates- | a percentage a bank will pay to depositors or charge to borrowers |
| Bank Statement- | an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution |
| Reconcile- | the process of ensuring that two sets of records are in agreement |
| Free application for federal student aid (FAFSA)- | is the application for grants, loans, and work-study funds from the federal government, as well as certain state, institution-based, and private financial aid |
| Defaulted- | fail to fulfill an obligation |
| Student loan- | a type of loan designed to help students pay for post-secondary education and the associated fees |
| Scholarships- | a grant or payment made to support a student's education, awarded on the basis of academic or other achievement |
| Grants- | a sum of money given by a government or other organization for a particular purpose |
| Portfolio Diversification- | strategy of holding different investments to protect against risk |
| Mutual Funds- | company that sells stock in itself and uses the proceeds to buy stocks and bonds issued by other companies |
| Bond Maturity- | life of a bond or length of time funds are borrowed |
| Individual retirement accounts (IRA)- | retirement account in the form of a long-term time deposit, with annual contributions not taxed until withdrawn during retirement |
| Gross Income- | The total of earned and unearned income. |
| Tax deduction- | the amount subtracted from your Gross Income to arrive at a taxable income |
| Tax exemption- | the right to exclude all or some income from taxation by federal or states governments |
| Tax credit- | an amount subtracted directly from the amount of taxes owed |
Created by:
perryherbst
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